By Chuck Mikolajczak
NEW YORK (Reuters) - Facebook Inc's shares opened below their $38 issue price on Monday as support from underwriters of the initial public offering dissipated after its Friday debut.
The stock fell more than 11 percent to hit a session low of $33.91 in early trading.
The social networking company's debut was marred by a shaky opening on the Nasdaq that will be reviewed by the Securities and Exchange Commission and a falling share price, which forced lead underwriter Morgan Stanley to defend the $38 price level by purchasing shares on the open market.
"It was just a poorly done deal and it just so happens to be the biggest deal ever for Nasdaq and they pooched it, that's the bottom line here," said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey.
(Reporting By Chuck Mikolajczak; Editing by Theodore d'Afflisio and Maureen Bavdek)
